Payment Procedure
If your average gross monthly household income is less than $8,000, you have the option to apply for a housing loan from HDB or a bank.
If your average gross monthly household income is more than $8,000, you will have to apply for a housing loan from a bank.
If your average gross monthly household income is more than $8,000, you will have to apply for a housing loan from a bank.
HDB Loan
Maximum Loan Quantum
The maximum loan amount that may be granted depends on:-
(a) maximum repayment period; The maximum loan repayment period is 65 years minus the buyer’s age or 30 years, whichever is shorter.
(b) applicable interest rate; Computation of the maximum loan will be based on the prevailing interest rate which may be revised from time to time. The interest on the HDB loan will be computed on a monthly rest basis or such other basis as the HDB may decide.
(c) monthly instalments; This is capped at 40% of the gross monthly income.
(d) loan ceiling.
The loan that can be granted for the purchase of an HDB flat is subject to:
Sales Type Loan Ceiling*
Direct purchase flats 90% of the purchase price
*If you have selected your flat before 19 Jul 2005, your loan ceiling is capped at 80%.
(a) maximum repayment period; The maximum loan repayment period is 65 years minus the buyer’s age or 30 years, whichever is shorter.
(b) applicable interest rate; Computation of the maximum loan will be based on the prevailing interest rate which may be revised from time to time. The interest on the HDB loan will be computed on a monthly rest basis or such other basis as the HDB may decide.
(c) monthly instalments; This is capped at 40% of the gross monthly income.
(d) loan ceiling.
The loan that can be granted for the purchase of an HDB flat is subject to:
Sales Type Loan Ceiling*
Direct purchase flats 90% of the purchase price
*If you have selected your flat before 19 Jul 2005, your loan ceiling is capped at 80%.
Use of All CPF Savings
Buyers must use all the available savings in their CPF Ordinary Accounts [after reserving an amount required for payment of stamp fee, registration and conveyancing fees and CPF Home Protection Insurance Premium (if applicable)] for the purchase of or taking over the flat before any housing loan is granted by HDB.
You can use all the CPF savings in your Ordinary Account to pay up to 100 % Valuation Limit (VL) of the flat. The VL refers to the purchase price or the value of the flat at the time of purchase, whichever is lower.
If your HDB loan is still outstanding when the total CPF withdrawals towards payment of the flat reach the VL, you may use additional CPF savings from your Ordinary Account if you have set aside the prevailing Minimum Sum cash component.
You can use all the CPF savings in your Ordinary Account to pay up to 100 % Valuation Limit (VL) of the flat. The VL refers to the purchase price or the value of the flat at the time of purchase, whichever is lower.
If your HDB loan is still outstanding when the total CPF withdrawals towards payment of the flat reach the VL, you may use additional CPF savings from your Ordinary Account if you have set aside the prevailing Minimum Sum cash component.
Bank Loan
The loan ceiling for bank loans for Option to Purchase (OTP) issued after 20 Feb 2010 will be 80% of purchase price.
If you have one or more outstanding housing loans (whether from HDB or a financial institution regulated by MAS) at the time of applying for a housing loan from banks or financial institutions, the loan ceiling will be 60% of purchase price from 14 Jan 2011 (* Purchase = 10% Cash min + 30% CPF or lesser + 60% Bank Loan). You can now get a 80% Bank Loan for new DBSS even with an existing Housing Loan by going for Deferred Payment Scheme.
Normal Progressive Payment
Stage Percentage
Upon the grant of Option to Purchase 5% (Booking Fee)
Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date 15%
Completion of foundation work 10%
Completion of reinforced concrete framework 10%
Completion of brick walls 5%
Completion of roofing /ceiling 5%
Completion of electrical wiring, internal plastering, plumbing 5%
& installation of door & window frames
Completion of car park, roads & drains serving the housing project 5%
Notice of Vacant Possession (TOP) 25%
On Completion Date 15%
Deferred Payment Scheme
Stage Percentage
Upon the grant of Option to Purchase 5% (Booking Fee)
Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date 15%
Notice of Vacant Possession (TOP) 65%
On Completion Date 15%
If you have one or more outstanding housing loans (whether from HDB or a financial institution regulated by MAS) at the time of applying for a housing loan from banks or financial institutions, the loan ceiling will be 60% of purchase price from 14 Jan 2011 (* Purchase = 10% Cash min + 30% CPF or lesser + 60% Bank Loan). You can now get a 80% Bank Loan for new DBSS even with an existing Housing Loan by going for Deferred Payment Scheme.
Normal Progressive Payment
Stage Percentage
Upon the grant of Option to Purchase 5% (Booking Fee)
Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date 15%
Completion of foundation work 10%
Completion of reinforced concrete framework 10%
Completion of brick walls 5%
Completion of roofing /ceiling 5%
Completion of electrical wiring, internal plastering, plumbing 5%
& installation of door & window frames
Completion of car park, roads & drains serving the housing project 5%
Notice of Vacant Possession (TOP) 25%
On Completion Date 15%
Deferred Payment Scheme
Stage Percentage
Upon the grant of Option to Purchase 5% (Booking Fee)
Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date 15%
Notice of Vacant Possession (TOP) 65%
On Completion Date 15%